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April 30, 2012

Goldman’s O’Neill Considered for Top Slot at BOE

Second Goldman alum to enter the running for King’s replacement

A second Goldman Sachs candidate has entered the running to replace Bank of England (BOE) Governor Mervyn King when he steps down in June 2013. Jim O’Neill, asset management chairman at Goldman, was mentioned by the Sunday Times as a possible successor to King, joining the previously mentioned possibilities Gus O’Donnell, the former U.K. civil service chief, and Mark Carney, also formerly of Goldman.

Bloomberg reported Sunday that O’Neill might already have been approached by U.K. Treasury officials months ago, citing the Times as the source of its information. King is approaching the end of the second of the two five-year terms he is allowed to serve as BOE governor.

In September 2007, O’Neill was asked in a Bloomberg interview whether he was interested in the top slot. At the time he said he couldn’t imagine “anyone would be daft enough to offer it to me.” Apparently that is no longer true, although O’Neill declined to comment for the current report.

George Osborne, chancellor of the exchequer, said through a Treasury spokesman that the process to select King’s replacement had not yet begun and would not start till fall.

Carney, the other Goldman alumnus said to be in the running, is currently the head of Canada’s central bank.

Goldman has not only contributed Carney as head of a central bank, but also Mario Draghi, president of the European Central Bank (ECB), and William Dudley, president of the Federal Reserve Bank of New York. In addition, Ben Broadbent, who is a policy maker at BOE, is also a former Goldman employee and reported to O’Neill during his tenure.

A second Goldman, Sachs candidate has entered the running to replace Bank of England (BoE) Governor Mervyn King when he steps down in June of 2013. Jim O’Neill, asset management chairman at Goldman, was mentioned by the Sunday Times as a possible successor to King, joining other previously mentioned possibilities Gus O’Donnell and Mark Carney, also formerly of Goldman.

Bloomberg reported Sunday that O’Neill might already have been approached by U.K. Treasury officials months ago, citing the Times as the source of its information. King is approaching the end of his second five-year term as BoE governor, and will be compelled to step down at the conclusion of that period.

In September of 2007 O’Neill was asked in a Bloomberg interview whether he was interested in the top slot. At the time he said he couldn’t imagine “anyone would be daft enough to offer it to me.” Apparently that is no longer true, although O’Neill declined to comment for the current report.

George Osborne, chancellor of the exchequer, said through a Treasury spokesman that the process to select King’s replacement had not yet begun and would not start till fall.

Gus O’Donnell, another of the candidates mentioned, is formerly head of civil service; Mark Carney is currently the head of Canada’s central bank.

Goldman has not only contributed Carney as head of a central bank, but also Mario Draghi, president of the European Central Bank (ECB), and William Dudley, president of the Federal Reserve Bank of New York. In addition, Ben Broadbent, who is a policy maker at BoE, is also a former Goldman employee and reported to O’Neill during his tenure.

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